The hospital owned by Indonesian tycoon, Dato' Sri Tahir, PT Sejahteraraya Anugerahjaya Tbk (IDX: SRAJ), seeks fresh funding from the capital market through rights issue program - Photo by the Company

JAKARTA (TheInsiderStories) – The hospital owned by Indonesian tycoon, Dato’ Sri Tahir, PT Sejahteraraya Anugerahjaya Tbk (IDX: SRAJ), seeks fresh funding from the capital market through rights issue program, said the management. The unit of Mayapada Group will issue as much as 18 billion shares in the first quarter of 2021.

The company possible to raises around Rp4 trillion (US$283.69 million) based on the current price at Rp218 a share. The management said on Tuesday (12/29), with the additional capital, the issuer will have the opportunity to strengthen its capital structure, increases the revenues and is expected to be able to provide dividends for shareholders.

In addition, this corporate action its hope to make the company shares more liquid in the market. To smooth out this plan, the operator of Mayapada Hospital plans to hold an extraordinary general meeting on Feb. 8, 2021.

This year, the company is targeting the opening of a new hospital to complete its network into four hospitals. So far, their hospital network consists of Mayapada Hospital Tangerang, Mayapada Hospital South Jakarta, BMC Mayapada Hospital Bogor, and Mayapada Hospital Kuningan, South Jakarta.

In the first nine month of 2020, Mayapada Hospital earned Rp811.74 billion in revenues or grew by 5.47 percent compared to same period of last year. However, the general and administrative expenses higher than revenues growth and as a result the issuer posted a net loss Rp54.39 billion from a year ago Rp2.41 billion.

The largest share ownership of Sejahteraraya Anugerahjaya owned by PT Surya Cipta Inti Cemerlang with 59.99 percent, High Pro Investments Ltd., by 18.17 percent, Bnym S/NV hold 9.63 percent, and public 12.21 percent.

To meet the healthcare needs of Indonesia’s growing middle-class, Mayapada Group started the healthcare business in the late 2000s. With two international standardized hospitals and soon to be launched clinics chain, the Group believes it can satisfy and fulfill the growing demands and needs of Indonesians who often seek treatment abroad.

US$1: Rp14,100

Written by Staff Editor, Email: theinsiderstories@gmail.com